Fund Evaluator:

Rydex S&P MidCap 400 Pure Growth A Overview

Rydex S&P MidCap 400 Pure Growth A (RYMGX) is a passively managed U.S. Equity Mid-Cap Growth fund. Rydex Funds launched the fund in 2004.

The investment seeks investment results that match, the performance of the S&P MidCap 400® Pure Growth Index for mid-cap growth securities on a daily basis. The fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the underlying index and derivatives and other instruments whose performance is expected to correspond to that of the underlying index. The index is composed of those constituents of the S&P MidCap 400® that exhibit the strongest growth characteristics as measured using three factors: sales growth,ratio of earnings change to price, and momentum. The fund is non-diversified.

About Rydex S&P MidCap 400 Pure Growth A (RYMGX)

There are 4 members of the management team with an average tenure of 8.67 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (2004). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P MidCap 400 Pure Growth TR USD index with a weighting of 100%. Rydex S&P MidCap 400 Pure Growth A has 101 securities in its portfolio. The top 10 holdings constitute 22.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Rydex S&P MidCap 400 Pure Growth A is part of the Equity global asset class and is within the U.S. Equity fund group. Rydex S&P MidCap 400 Pure Growth A has 2.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.2%. There is 2.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Rydex S&P MidCap 400 Pure Growth A has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $7 million in total assets, which is below the $658 million average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

RYMGX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Rydex S&P MidCap 400 Pure Growth A expense ratio is high compared to funds in the Mid-Cap Growth category. Rydex S&P MidCap 400 Pure Growth A has an expense ratio of 1.54%, which is 41% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Rydex S&P MidCap 400 Pure Growth A has a portfolio turnover rate of 1337%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.

Recently, in the month of July 2026, Rydex S&P MidCap 400 Pure Growth A returned -7.7%, which earned it a grade of D, as the Mid-Cap Growth category had an average return of -5.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Rydex S&P MidCap 400 Pure Growth A has a trailing yield of 0.00%, which is below the 0.03% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Rydex S&P MidCap 400 Pure Growth A Grades

Year to date, the fund has returned 12.7%, 7.1 percentage points better than the category, which translates into a grade of A. The fund has returned 16.8% over the past year (grade of A), 12.4% over the past three years (grade of B) and 4.9% per year over the past five years (grade of B) and 8.1% per year over the past 10 years (grade of F).

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